December 17, 2008
More on Code Y
Just a quick update on Code Y. Although I said in my blog earlier today, that Code Y reporting is now required for income subject to a valid deferral, a reader pointed out to me that just last week, the IRS issued Notice 2008-115 suspending the use of Code Y until further guidance is issued. So it turns out that, despite the instructions to Form W-2, Code Y reporting is not required for 2008.
– Barbara